MoU signed for approx. $200m carbon investment
December 7, 2016
An MOU has been signed today which will bring cash into the region to boost carbon storage, improve water quality to the reef, and pay landholders for their involvement.
Terrain NRM, the Wet Tropics region’s Natural Resource Management body and GreenCollar, a commercial carbon project developer, are working together to use income generated by carbon storage projects as a catalyst for larger scale investment.
GreenCollar CEO, James Schultz said they want to work with landowners, industry groups and government, through Terrain, so the money invested goes well beyond storing carbon to include environmental, economic and social co-benefits.
“We plan to bring together a range of partnerships in the coming months that will see the income from our carbon projects used to underpin a larger scale of investment into biodiversity, water quality and sustainable use as well as creating an additional, bankable commodity for graziers and farmers,” said Mr Schultz.
Under the newly negotiated agreement more than AU$200 million is now to be invested into the Queensland coastal landscapes, for carbon storage, over the next ten years.
“We hope the agreement initially with the Queensland Government, the Regional NRM Groups Collective, and now with individual regions like Terrain, will lead to leveraging this AU$200m investment 10-fold,” Mr Schultz said.